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Developers Seek Financing for $100M Luxury Condo-Hotel Project

MONTEGO BAY, JAMAICA-A New York firm is arranging a $50-million construction loan for a multi-tower beachfront condominium-hotel development here by Resort Properties Group and Rose Hall Development.

By Brian K. Miller | Updated on June 03, 2005

MONTEGO BAY, JAMAICA-A joint venture of Resort Properties Group and Rose Hall Development has retained New York-based Carlton Advisory Services to finance its luxury condominium-hotel development here The 160acre development site is adjacent to the Ritz Carlton at the Rose Hall estate. The Palmyra Resort and Spa will be a five tower, 552-unit luxury beachfront property with 30 detached for-sale homes. The property boasts one-half mile of Caribbean Ocean frontage. The project will be developed in phases. The site plan calls for a 20,000-sf spa, restaurants, a club house and a private beach club.Brendan Sullivan, who heads Carlton’s hospitality group, says the first phase will consist of 200 units in two condo towers and some of the villas. Floorplans will range from 865 sf to 3,402 sf, according to a Web site dedicated to the project.Ground was broken for the project in April, but the project won’t go vertical until the loan is funded. Once funded, the first phase will take 18- to 24 months to complete.Sullivan says the loan, which represents 50% to 60% of the total development cost, will be funded in phases as the developer meets certain pre-sale hurdles. A sales center is up and running at the Ritz Carlton. Owners will be able to put their units into a rental pools.Rose Hall Development was founded by the Rollins family, which bought Rose Hall Plantation in the 1960s. Resort Properties Group says it has constructed and sold out more vacation resorts than any other company in Europe and is the world’s largest timeshare resale company.

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